BTC, ETH, BNB, XRP, DOGE, ADA, DOT, LTC, UNI, LINK

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Dogecoin (DOGE) massive rally to $ 0.45 resulted in a market capitalization of over $ 54 billion, making it the fifth most important cryptocurrency by market capitalization.

This high market cap surprises many as the project has no active developers and is just a meme coin. Therefore, the current rally is reminiscent of the excesses that saw the ICO boom in 2017.

Rallies like the one in Dogecoin suggest that several traders have entered the fray and are trying to get rich overnight. The only positive sign is that the mania hasn’t spread to other coins. If so, the crypto markets are likely to see a sharp correction to shake out the weak hands.

CNBC host Jim Cramer was one of the first known people to announce that he has closed half of his Bitcoin (BTC) position. While the Cramer sale is an isolated incident, it warns that not all professional investors who recently became Bitcoin believers will be long-term HODLers.

Daily market performance in cryptocurrencies. Source: Coin360

If institutional investors rush to exit, it could lead to a huge correction in several cryptocurrencies. Traders should be aware of irrational exuberance and avoid getting drawn into FOMO-driven trades as it is better to stick to a trading plan and think long term than dreaming of overnight riches.

Let’s examine the charts of the top 10 cryptocurrencies to identify the critical support levels and outline various bullish and bearish scenarios.